Cyber Security Awareness Month: Strengthen your position

Malicious cyber activity is on the rise and continues to pose a risk to every Australian business. Here are 4 simple and zero cost steps you can take to improve your cyber security:

• Turn on multi-factor authentication.
• Keep your devices and software up to date.
• Ensure all staff use strong and unique passwords, such as passphrases.
• Raise awareness by taking time out with your team to review the wealth of resources available on the Australian Cyber Security Centre’s website.

The above measures will help you strengthen your cybersecurity position, but there is unfortunately no way to completely remove the risk of falling victim to a cyber attack . This is where cyber insurance can help.

According to the ASD Cyber Threat Report for 2022-23, the average cost of cybercrime to small business in Australia over the preceding 12 months was $45,965. It was even higher ($97,200) for medium sized business. With such a high average cost it makes sense to look into the merits of transferring the potential financial consequences of a cyber attack to an insurer through a cyber insurance policy.

Unfortunately, there are numerous cyber insurance policies on the market, each with varying terms, conditions, limits and scope of coverage. Making sure you have the right policy, tailored to your business and covering what you want covered, is essential to ensuring you are adequately protected. As a specialist in this area, the team at Praden can assist you with identifying your key cyber-related risks and exposures, and in ensuring that any cyber insurance that is arranged on your behalf is competitively priced, supported by a skilled team of incident response professionals, and tailored to your specific needs.

This communication is for general information purposes only and does not take into account any specific individual’s or business’s objectives, financial situation or needs. Before acting on any of the information provided herein, you should consider how it applies to your specific circumstances and contact an insurance broker and / or other appropriately qualified professional to discuss. Any advice given on what is or is not covered under any specific insurance policies is general only. You should always refer to the relevant PDS and policy wording to determine whether the coverage is appropriate for your individual circumstances.

Author: Sophie Cooke

References:

ASD Resources for business and government  https://www.cyber.gov.au/resources-business-and-government

ASD Cyber Threat Report 2022-23  ASD Cyber Threat Report 2022-23: https://www.cyber.gov.au/about-us/view-all-content/reports-and-statistics/asd-cyber-threat-report-july-2022-june-2023

Please contact one of our advisers if you would like further information on this article.